EFTA Document EFTA01458643

Real Assets: Commodities - As China represents the bulk of global demand for industrial metals, the recent sell-off in metal prices, from copper to steel, was not unexpected. - Previously, the fall in commodity prices was seen as driven mainly by global oversupply but here the problem is on the demand side. - Figure 3 compares China's industrial production growth and the industrial metal price index. - In late 2010 China's manufacturing production growth was around 15%-20% as a consequ